Together the United States, the 17 nations that make up the Eurozone*, the United Kingdom and Japan account for nearly 40% of all global economic output.
Since the the end of 2007, when the world entered into a recession, only the United States economy, of the four aforementioned economic regions, has a larger economy than it did at the close of 2007.
Using constant prices, which adjust for inflation, at the end of Q3 2012 the size of the United States Economy was 2.2% larger than it was prior to the Great Recession. At the end of Q3 2012mm, the 17 nation Eurozone, which member nations share the Euro as a common currency, was 2.0% smaller than it was at the end of 2007. Japan’s economy was 2.3% smaller and the United Kingdom, 3.0% smaller.
While all four regions began to recover in 2009, economic growth in the United States, though tepid, has continued throughout this year, unlike in the other three economic areas.
Data Source: OECD Main Economic Indicators- complete database accessed on November 16, 2012
* The 17 nation Eurozone includes Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovak Republic, Slovenia and Spain.